IN PARTNERSHIP
Are your client lifecycle management processes playing in sync?
There are few sweeter sounds than an orchestra playing harmoniously and keeping perfect time
In the rare event when an orchestra has no conductor, whose job it is to ensure that the whole is greater than the sum of the parts, timing can be an issue. The experience can become uncoordinated and shambolic, from start to finish, despite each section believing that they are doing the right thing at the right time.
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Client lifecycle management and technology in wealth management Getting client lifecycle management (CLM) right can be challenging, but it doesn’t have to be. In our analogy above, substitute these instrumental words for stakeholders in the CLM process, and all will become clear:
Audience = Client Strings = Marketing Brass = Sales
Woodwind = Onboarding Percussion = Client success Conductor = Wealth Dynamix
Even when each part of the CLM process works well as an individual function or department, they must come together as a unified whole to be successful. From the sales and marketing process through to initial client engagement, onboarding, ongoing client management and regulatory compliance, every function needs to perform effectively and work together to optimise the client experience. If any part of the process is substandard, or departments fail to connect in a
timely and coordinated way (usually when they have inadequate direction), the result can become messy – very quickly.
These are the top three things you need to assess to transform your client’s experience: • Address poor-performing CLM functions. To ensure that each phase of CLM delivers a remarkable client experience, evaluate each function throughout the client journey and through your clients’ eyes. You will undoubtedly find that some elements are working exceptionally well, while others are falling behind. No one would suggest that you replace the entire orchestra when the woodwind section is the only one performing poorly. Tackle each substandard function one by one, while being careful to preserve all that is good. • Connect the dots to eliminate CLM silos. CLM has to be viewed as a unified whole to deliver consistent and effective client service across all phases of the lifecycle. Clients become frustrated when an amazing onboarding experience is followed by unresponsive and substandard ongoing management. While each section of an orchestra may play beautifully, in time and in key as an individual team, the overall effect is compromised if they are unable to synchronise with other sections. • Ensure oversight and control. An orchestra can’t perform a memorable symphony without a conductor. With no individual or team in place to govern the overall connectivity, the likelihood of achieving a cohesive outcome is at risk. The same is certainly true for CLM.
Watch our webinar to discover how to orchestrate CLM, step by step, to create a productive, cost-effective and revenue-generating process that enriches client experience. Visit
www.wealth-dynamix.com to find out more.
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